MyHome MortgageHub Powered by doddl

Property price inflation slows to lowest level in three years

October 24, 2023 MyHome by MyHome
Property price inflation slows to lowest level in three years

The annual rate of house price inflation has slowed to its lowest level of growth in just over three years, according to the latest figures from the Central Statistics Office (CSO).

The Residential Property Price Index increased by 0.9% in the 12 months to August 2023.

While prices outside Dublin are up by 3.1% in that period, property prices in the capital are now falling at a rate of 1.9% which is the sharpest rate of the decline since 2012.

On a monthly basis, prices nationally rose by 0.3%, down from 0.4% in July.

The softening of price growth and the decline in Dublin property prices comes on the back of nine consecutive interest rate increase from the European Central Bank which has made it more expensive for buyers to borrow. Despite this house prices are transactions continue to hold up well.

Advertisement

In the 12 months to August 2023, house prices in Dublin fell by 2.3% while apartment prices were down by 0.2%. The highest house price growth in Dublin was in Fingal at 0.2%, while Dún Laoghaire-Rathdown saw a decline of 3.9%.

Outside Dublin, house prices were up by 3.1% and apartment prices grew by 1.8%. The region outside of Dublin that saw the largest rise in house prices was the South-West (Cork, Kerry) at 4.4%, while at the other end of the scale, the Midlands region (Laois, Longford, Offaly, Westmeath) and the West region (Galway, Mayo, Roscommon) both saw a 2.1% rise.

In August 2023, 4,640 dwelling purchases by households at market prices were filed with the Revenue Commissioners, an increase of 8% compared with the 4,295 purchases in August 2022.

Households paid a median or mid-point price of €320,000 for a residential property in the 12 months to August 2023. The lowest median price paid for a dwelling was €159,750 in Longford, while the highest was €634,919 in Dún Laoghaire-Rathdown.

The most expensive Eircode area over the 12 months to August 2023 was A94 'Blackrock' with a median price of €735,000, while F45 'Castlerea' had the least expensive price of €135,000.

Tags:
Learning Center Finance Central Statistics Office CSO Dublin property prices

Related articles

Learning Center Mortgages - Where to start?

Mortgages - Where to start?

Buying a home for the first time can be a daunting task, saving is not easy and searching for a home and the bidding process can be tricky. 
Learning Center Second time buyers - what you need to know

Second time buyers - what you need to know

Most people look to trade up due to family circumstances, their starter home is now too cramped, they need better access to schools, there can be a multitude of reasons. 
Woman using mortgage calculator

Mortgage calculator

Ready to start house hunting but need to know how much you'll be paying on your mortgage? Our Irish mortgage repayments calculator will get you the answers you're looking for.

Start now →

Powered by doddl logo